Meeder Asset Management Inc. Increases Position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX)

Meeder Asset Management Inc. raised its position in Edgewise Therapeutics, Inc. (NASDAQ:EWTX) by 69.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,307 shares of the company’s stock after purchasing an additional 1,361 shares during the quarter. Meeder Asset Management Inc.’s holdings in Edgewise Therapeutics were worth $88,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EWTX. RA Capital Management L.P. purchased a new stake in Edgewise Therapeutics in the first quarter valued at approximately $162,502,000. Novo Holdings A S purchased a new stake in Edgewise Therapeutics in the second quarter valued at approximately $114,263,000. Baker BROS. Advisors LP raised its position in Edgewise Therapeutics by 87.6% in the first quarter. Baker BROS. Advisors LP now owns 5,840,059 shares of the company’s stock valued at $106,523,000 after purchasing an additional 2,727,273 shares during the period. Vanguard Group Inc. raised its position in Edgewise Therapeutics by 89.0% in the first quarter. Vanguard Group Inc. now owns 4,017,433 shares of the company’s stock valued at $73,278,000 after purchasing an additional 1,892,053 shares during the period. Finally, Artal Group S.A. purchased a new stake in shares of Edgewise Therapeutics during the first quarter worth $14,806,000.

Analyst Upgrades and Downgrades

EWTX has been the topic of a number of recent research reports. Wedbush upped their price objective on Edgewise Therapeutics from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $32.00 price objective on shares of Edgewise Therapeutics in a research report on Tuesday, September 17th. JPMorgan Chase & Co. upped their price objective on Edgewise Therapeutics from $30.00 to $31.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Piper Sandler upped their price objective on Edgewise Therapeutics from $48.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 11th. Finally, Truist Financial increased their target price on Edgewise Therapeutics from $25.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $38.40.

Insider Buying and Selling

In related news, CMO Joanne M. Donovan sold 7,162 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $28.29, for a total transaction of $202,612.98. Following the sale, the chief marketing officer now owns 14,538 shares in the company, valued at approximately $411,280.02. This trade represents a 33.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel John R. Moore sold 20,922 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $27.63, for a total transaction of $578,074.86. Following the sale, the general counsel now owns 3,252 shares in the company, valued at approximately $89,852.76. This trade represents a 86.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 278,176 shares of company stock valued at $7,893,316 over the last ninety days. Corporate insiders own 24.11% of the company’s stock.

Edgewise Therapeutics Stock Performance

Shares of EWTX opened at $31.95 on Thursday. Edgewise Therapeutics, Inc. has a fifty-two week low of $5.93 and a fifty-two week high of $38.12. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -21.30 and a beta of 0.14. The firm has a 50-day simple moving average of $30.37 and a 200-day simple moving average of $22.62.

Edgewise Therapeutics (NASDAQ:EWTX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.01. Equities research analysts forecast that Edgewise Therapeutics, Inc. will post -1.45 EPS for the current year.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.